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Property Finalized
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Corporation bank to offer reverse mortgage loan

Corporation bank to offer reverse mortgage loan

Apnaloan.com Research Bureau

16 Apr 2008

The loan
scheme is for those above 60 years of age with self-owned, self-occupied
properties. The loan amount ranges between Rs. 1 lakh up to Rs.50 lakh,
depending on the value of the appraised property. The loan amount can be
disbursed in lump sum or in monthly, quarterly, half yearly or annual
installments.

Once the
documents have been executed and loan transactions finalised, the borrowers
have an option of canceling the loan or recession within 3 days.

This
Mangalore-based public sector bank has also announced the waiver of prepayment
penalty.

The loan will
be considered as payable only when the last surviving borrower dies or would
like to sell the property, or permanently moves out to home for aged care to an
institution or to relatives.

The mortgaged
property will also be insured for full value against all risks under Reinstate
Value Method.

Click on
the link to read more about home loans: http://www.apnapaisa.com/loan/home-loan-india/index.html